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The Impact of Cryptocurrency on Global Trade and Commerce

Authors: Bundit Anuyahong; Nipol Ek-Udom;

The Impact of Cryptocurrency on Global Trade and Commerce

Abstract

This study aimed to investigate the impact of cryptocurrency on global trade and commerce. The research objectives included examining the extent to which the adoption of cryptocurrency has disrupted traditional financial systems and affected cross-border transactions, as well as investigating the potential benefits and challenges of using cryptocurrency for global trade and commerce. A mixed-methods research design was used, incorporating both quantitative and qualitative data collection and analysis techniques. The study involved an extensive literature review, a survey of businesses involved in international trade, and interviews with key stakeholders. The results showed that cryptocurrency offers benefits such as reduced transaction costs, faster settlement times, and increased transparency in transactions. However, there are also challenges such as regulatory and legal hurdles, security concerns, and limited understanding of cryptocurrency. The study also highlights the factors that influence the adoption of cryptocurrency in international trade, including regulatory and legal frameworks, security concerns, awareness and understanding of cryptocurrency, transaction costs, and integration with existing systems. Finally, the attitudes and perceptions of businesses towards cryptocurrency are discussed, with the study showing that confidence in the reliability and security of cryptocurrency is a significant factor for adoption. Overall, the study provides insights into the potential opportunities and challenges presented by cryptocurrency in global trade and commerce, and the implications for policymakers, businesses, and investors.

Keywords

Adoption, Cryptocurrency, Commerce, Cross-border transactions, Global trade, Traditional financial systems.

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
views
OpenAIRE UsageCountsViews provided by UsageCounts
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3
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6
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